One of Tribeca’s most notorious empty corners is finally getting a second act. Prosper Property Group and South Korean partner HM Group USA have closed on the long-vacant lot at 65 West Broadway, at the corner of Warren Street, paying $24 million for the site and lining up financing to build. The deal comes with a $68 million construction package that will fund a 23-unit condominium building with ground-floor retail.
Deal details and team
The plan calls for 23 condos, from one- to three-bedroom units, stacked above street-level retail, as reported by The Real Deal. BKSK is on board as architect and DXA will handle interior design, with First Standard Construction named as general contractor. The developers secured the $68 million construction loan from Kriss Capital and KRE Capital Management, and they brought in Compass’ Hudson Advisory team to broker sales, according to the reporting.
Long-running neighborhood fight
The southeast corner of Warren and West Broadway has essentially been a construction scar for nearly a decade. Cape Advisors and private-equity partner Forum Absolute Equity assembled the blockfront in 2015 and tore down a row of longtime local businesses, a chapter chronicled by DNAinfo. In 2019, a partial stop-work order hit the project after nearby owners complained that excavation work was destabilizing adjoining buildings, per Tribeca Citizen. The parcel then sat idle until it reappeared on the market in 2023.
Who’s building
Prosper Property Group, led by Damien Smith and Eddie Bender, notes an affiliation with First Standard Construction on its corporate site and has been active on nearby Tribeca projects, according to the firm’s press materials. Prosper Property Group says it favors vertically integrated execution, an approach the firm plans to bring to the West Broadway development together with HM Group USA.
What comes next
The loan from Kriss Capital and KRE Capital Management is expected to support vertical construction, but the developers have not released any public timetable for when work will ramp up, as noted in The Real Deal. The closing marks the end of a long stretch of stop-and-start activity at the corner, although community groups and neighbors who fought earlier demolition and excavation work are likely to keep a close eye on permits and shoring plans.
For many Tribeca residents, the sale is another reminder that neighborhood change rarely comes quietly. Earlier battles over zoning, demolition, and structural impacts were widely covered and still shape how locals see the site, according to Tribeca Citizen. If the new team steers clear of the missteps that stalled prior efforts, the empty lot could finally turn into new homes and retail that fill a long-standing gap on the block.
